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Purchase of import of Central Sales Tax Act (CST), Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Purchase of import of Central Sales Tax Act (CST), Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is the Central Sales Tax Act (CST)? |  |
Ans. The Central Sales Tax Act (CST) is an indirect tax law in India that governs the taxation of sales and purchases of goods in inter-state trade or commerce. It was enacted to regulate the levy and collection of taxes on sales and purchases of goods occurring in the course of inter-state trade or commerce.
| 2. How does the Central Sales Tax Act impact imports? | |
Ans. The Central Sales Tax Act (CST) does not directly impact imports as it primarily deals with the taxation of sales and purchases in inter-state trade. However, imports may be subject to other indirect taxes such as customs duty and goods and services tax (GST) when they enter the country.
| 3. What are the key provisions of the Central Sales Tax Act? | |
Ans. The Central Sales Tax Act (CST) includes provisions related to the definition of inter-state sales, determination of the taxable turnover, rates of tax, exemptions, registration requirements, and procedures for filing returns and making payments. It also establishes the authority responsible for administering and enforcing the act.
| 4. What are the implications of the Central Sales Tax Act for businesses? | |
Ans. Businesses engaged in inter-state trade or commerce need to comply with the provisions of the Central Sales Tax Act (CST). They are required to register under the act, maintain records of sales and purchases, calculate and pay the applicable taxes, and file regular returns. Non-compliance with the act can result in penalties and legal consequences.
| 5. Are there any exemptions available under the Central Sales Tax Act? | |
Ans. Yes, the Central Sales Tax Act (CST) provides for certain exemptions from tax liability. For example, sales made to the government, sales of goods declared as goods of special importance, and sales made in the course of export or import of goods are exempted from CST. However, the specific exemptions and conditions may vary based on the provisions of the act and relevant notifications issued by the government.
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Dec 23, 2024 Last updated |
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